AIR Releases First Workers' Compensation Model Linked to Catastrophic Events.Business Editors BOSTON--(BUSINESS WIRE)--Jan. 23, 2002 Applied Insurance Research (AIR), a leading catastrophe modeling
The model, the first of its kind, probabilistically prob·a·bil·is·tic adj. 1. Of, relating to, or based on probabilism. 2. Of, based on, or affected by probability, randomness, or chance: "The Big Bang universe is . . . calculates WC losses for individual insurance policies or for entire portfolios based on the level of damage to buildings, the number and severity of injuries sustained by their occupants, and the average cost of treating injuries, given their severity. "Our primary company needed to assess our potential workers' compensation loss from earthquakes in California. AIR was able to include workers' compensation in their model and provide a credible loss distribution for us so that we could estimate our reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. needs," said Edward Weissner, vice president at Everest Global Services. Mr. Uday Virkud, AIR senior vice president, noted the timeliness of the model's release. "Since September 11, inexpensive, virtually unlimited workers' compensation insurance and reinsurance has all but disappeared," he said. "Companies are no longer in the position to ignore what has often been an overlooked exposure." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mr. Virkud, insurance companies can also use the new model to explicitly estimate workers' compensation losses arising from terrorist attacks that result in building damage or collapse. Applied Insurance Research is the technological leader in providing catastrophe modeling services, weather and climate data, and computer software solutions (CLASIC/2(TM), CATRADER(R), and CATMAP(R)/2) to the insurance, reinsurance and capital markets. AIR's models simulate losses from natural catastrophes such as hurricanes, hail, tornadoes, other windstorms, flood, and earthquakes in over 30 countries. Offices are located in Boston, London, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Seattle and Hyderabad. The company's web address is www.air-worldwide.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion